The nation’s inflation rate declined by 0.1 from the 12.9 per cent in June to 12.8 in July, according to the latest figures released by the National Bureau of Statistics (NBS). The figures are contained in a statement issued by Dr Yemi Kale, the Statistician-General of the Federation, on Friday in Abuja. It said that the monthly change in the composite Consumer Price Index (CPI) was due to persistent change in the prices of some item classes such as oils and fats, and gas.

Nigerian authorities have seized a ship carrying 300 tonnes of illegally refined diesel and arrested 11 people on it. They said on Thursday, as part of efforts to curb oil theft that officials estimate siphons off up to a fifth of the country’s output. Oil theft from Africa’s top producer is a major cause of complaint from oil companies and the finance ministry, both of which lose revenue from thieves hacking into pipelines in operations known as “bunkering”.

The Central Bank of Nigeria, CBN, has expressed concerns over the rising spate of cyber crimes, and has called on banks to ensure the safety of transactions, especially in the light of the cashless policy regime.

As the Roman Historian, Plutarch (AD 46-120?) had noted “The mind is not a vessel to be filled but a fire to be kindled.” Given their corrupt and greedy lifestyles Nigeria’s leaders do not seem to care about integrity or moral values. They are good at predicting the future without creating it. As Peter Drucker has observed “If you want to predict the future, create it.”

Finance Houses have been advised to concentrate on the underserved segment of the financial market so as to remain relevant and competitive.